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首页> 外文期刊>Journal of Economic Dynamics and Control >Identifying a permanent markup shock and its implications for macroeconomic dynamics
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Identifying a permanent markup shock and its implications for macroeconomic dynamics

机译：确定永久性加价冲击及其对宏观经济动态的影响

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A permanent (price) markup shock is justified using an industry-based model in which an increase in market concentration raises the desired markup. Moreover, evidence in favor of the non-stationarity of the markup is presented, which in turn implies that per capita hours are also non-stationary. Structural vector autoregressions are then constructed that can identify shocks to the markup, technology and the federal funds rate. The results show that (1) inflation responds immediately to shocks to the markup and technology whereas it displays a hump-shaped response to a monetary policy shock, and that (2) per capita hours decline in response to positive shocks to the markup and technology. These empirical findings have important implications for macroeconomic dynamics, including the issues on inflation inertia and the technology-hours debate. The paper also points out that the dynamics of the economy cannot be correctly explained without consideration of the permanent markup shock. Finally, the approach in this paper suggests several ways to identify a wage markup shock using structural vector autoregressions.
机译：使用基于行业的模型来证明永久性（价格）加价冲击是合理的，在该模型中，市场集中度的提高会提高所需的加价。此外，提出了支持标记的非平稳性的证据，这反过来又意味着人均小时数也是非平稳的。然后构造结构矢量自回归，可以识别加价，技术和联邦基金利率的冲击。结果表明，（1）通胀立即对加价和技术的冲击作出反应，而通货膨胀则对货币政策冲击呈驼峰状的响应，并且（2）人均小时数下降是由于对加价和技术的积极冲击。这些经验发现对宏观经济动态具有重要意义，包括通货膨胀惯性和技术小时辩论等问题。本文还指出，如果不考虑永久性加价冲击，就无法正确地解释经济动力。最后，本文中的方法提出了几种使用结构矢量自回归来识别工资上涨冲击的方法。

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